The African Development Bank is working with Senegal to mobilize domestic resources and attract more private investment.

The Board of Directors of the African Development Bank on 30 November in Abidjan approved a € 68.79 million loan to Senegal to implement the third phase of its Resource Mobilization and Reform Effectiveness Support Programme.

The project is the third and final part, following the first and second phases, which were approved in 2019 and 2021, respectively. The program has two components -- mobilizing internal resources and expanding the tax base, and deepening economic recovery through reforms and strategic projects to attract more private investment.

The reforms provide for an agreement between the relevant authorities on the systematic exchange of information on financial accounts, and implementing the recommendations of the new study on fiscal potential as a basis for determining revenue targets from 2023. It also involves setting up a technical committee to draft a bill on environmental taxation and creating a committee to monitor the production costs of petroleum products to define the tax base better.

This phase also entails the creation of a Presidential High Council and a Permanent Secretariat for Industrialisation.

As of 31 July 2022, the Bank Group's active portfolio in Senegal comprised 29 operations with a total commitment of €2.3 billion.

Contact:

Alexis Adélé, Communication and External Relations Department media@afdb.org